Sunday 26 May 2024 Abu Dhabi UAE
Prayer Timing
Today's Edition
Today's Edition
Business

Bayanat reports Dh113 million in revenues in Q1 24

Bayanat reports Dh113 million in revenues in Q1 24
15 May 2024 12:23

ABU DHABI (WAM)

Bayanat, the ADX-listed public company and provider of AI-powered geospatial solutions, announced on Wednesday its results for Q1 2024.

The company reported Dh113 million in revenues, which represents a 12 percent increase Year-over-Year.

The company released a statement in which is stated that revenue increased primarily due to the expansion of its market presence and its strong product range and service offerings.

Notably, it remains focused on deploying AI solutions and enhanced geospatial services for its clients.

Bayanat's gross profit reached Dh32 million in Q1 2024, representing a gross margin of 28 percent.

Profits were largely driven by Bayanat's continued focus on key segments, namely its Smart Operations Solutions (SOPS), Smart Mobility Solutions (SMOS), and Smart Geospatial Solutions (SGS).

EBITDA reached Dh8 million, representing a 7 percent margin.

The company's net profit after tax reached Dh10 million, representing a net margin of nine percent.

Besides its EBITDA performance, the company has continued to receive significant financial income from investing its excess cash into responsibly managed financial instruments.

Managing Director of Bayanat, Hasan Al Hosani, commented, "Our ability to not only sustain but significantly build upon last year's exceptional financial milestone—surpassing Dh1 billion in revenues for the first time in our history — is a clear indication of our team's strength and our forward-thinking strategic vision."

Copyrights reserved to Aletihad News Center © 2024